The Central Bank extends facilities by 50 billion at a zero cost

His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the State, may God preserve him, issued a decree appointing His Excellency Khalid Muhammad Salem Balam Tamimi, Governor of the Central Bank of the United Arab Emirates, where His Excellency has more than 30 years of experience in the field of banking, financial services, asset management and investments. He held the position of Deputy Governor of the Central Bank before assuming his new position. His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs, Chairman of the Board of Directors of the UAE Central Bank, yesterday, at Qasr Al Watan, chaired the regular meeting of the Board of Directors in the presence of His Excellency Abdul Rahman Saleh Al Saleh, Vice Chairman of the Board of Directors, the Governor of the Central Bank and members of The Council reviewed the issues on the agenda, most notably a memorandum submitted by the Banking Supervision Department, which included proposals on financial activities and policies for licensing financial institutions, in addition to a memorandum on enforcement measures taken against establishments that violate the instructions and regulations of the Central Bank.

The Council approved the requests to establish national banks and institutions in the country, while also approving the issuance of a license to establish a specialized bank, operating under the system of low-risk banks.

Support plans

The attendees were also briefed on the report of the comprehensive economic support plan and its role in alleviating the financial and economic pressures resulting from the “Covid 19” pandemic, in addition to taking a decision to extend the period of zero-cost facilities, worth 50 billion dirhams, available for use by banks and financing companies, as part of a postponement program. Repayment of customer loan payments from individuals and sectors affected by the repercussions of the pandemic, until the end of 2021, with the inclusion of these facilities in the recovery program to help banks grant new loans to these customers, until the end of June 2022. The Board approved the third and new issuance of the paper currency, in line with the preparations for The state is “for the year of the fiftieth”, as the new currency includes the latest security marks for printing paper currency, according to international standards.

At the end of the meeting, His Highness Sheikh Mansour bin Zayed Al Nahyan thanked His Excellency Abdul Hamid Muhammad Saeed Al-Ahmadi, who decided to leave his post to retire, after accomplishing the task entrusted to him, as he praised his efforts during his tenure in office, under exceptional circumstances, During his work, he successfully accomplished the task, and during his work he worked to absorb the negative repercussions resulting from the pandemic, and to ensure that the monetary and financial system in the country was not affected by the repercussions of the crisis, and he also worked to remove many of the obstacles that were facing the banking sector during the crisis period.

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